Morgan Stanley Predicts Major Apple Device Upgrade Cycle

Apple Intelligence expected to drive significant iPhone and iPad sales growth over the next two years

Morgan Stanley forecasts nearly 500 million iPhone shipments in 2025 and 2026 due to Apple Intelligence.
Analysts project an 11% revenue increase for Apple from 2024 to 2026, with a $273 price target.
Apple Intelligence will initially be available to a limited number of devices, prompting widespread upgrades.
The technology is seen as a key catalyst for a multi-year device refresh cycle.
Apple's stock has risen nearly 20% this year, outperforming the S&P 500.